Westpac has announced it will no longer loan money to foreigners wishing to purchase residential property in Australia. The bank and its subsidiaries (St George, Bank of Melbourne) ceased property lending to all non-residents and temporary visa holders as of April 26. Westpac is the third major bank to clamp down in this way, following announcements from ANZ and Commonwealth Bank earlier in April.

In February the Bank forecast underlying inflation at 2.0% to June 2016; 2.5% to December 2016; and 2.5% to December 2017 (again all mid-points of 1ppt forecast ranges). The Bank is now forecasting underlying inflation to come in at 1.5% to June 2016 (implying a June quarter print of 0.5%qtr).

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